Disposition of the property.

CFR · 2024-01-01 · US · Title 7

(a) Submission of the liquidation plan. The lender will, within 30 calendar days after a decision to liquidate, submit to the Agency in writing, its proposed detailed plan of liquidation. The Agency will inform the lender, in writing, whether the Agency concurs in the lender's liquidation plan. Should the Agency and the lender (1) Satisfactory proof of the lender's ownership of the guaranteed loan promissory note and related security instruments. (2) A copy of the payment ledger or equivalent which reflects the current loan balance and accrued interest to date and the method of computing the interest. (3) A full and complete list of all collateral including any personal and corporate guarantees. (4) The recommended liquidation methods for making the maximum collection possible on the indebtedness and the justification for such methods, including recommended actions for: (i) Obtaining an appraisal of the collateral; (ii) Acquiring and disposing of all collateral; (iii) Collecting from guarantors; (iv) Setting the proposed date of foreclosure; and (v) Setting the proposed date of liquidation. (5) Necessary steps for protection of the tenants and preservation of the collateral. (6) Copies of the borrower's latest available financial statements. (7) Copies of the guarantor's latest available financial statements. (8) An itemized list of estimated liquidation expenses expected to be incurred along with justification for each expense. (9) A schedule to periodically report to the Ag

official document · source cfr-2024 · id 7:§ 3565.453